US loan demand to purchase homes drops to a 13-year low
Loan demand to purchase homes in the US dropped to a 13-year low after the expiration of tax credit from the federal government, while near-record low mortgage rates stirred up refinancing, according to the Mortgage Bankers Association.Home loan purchase applications fell 27.1 percent to the...
Continue Reading • 20 May 2010
Asian banks to see 25% growth in profits, says observers
The Asian Pacific banking sector is likely to record a 25 percent increase in profit for 2010, attributed to both lower credit costs and lower provisions, according to Bank of America Merrill Lynch.Some experts said that Asian banks are also better positioned to deal with tighter regulations and...
Continue Reading • 20 May 2010
Hotel executives to take risk in China
The opening of the Ritz-Carlton in Hong Kong, which has an alfresco rooftop bar 490 metres above sea level, will be the tallest hotel in the world is still about six months away.However, the hotel already has 20 bookings for wedding receptions and it is getting six or more inquiries per...
Continue Reading • 20 May 2010
Analysts remain positive about China property
Analysts have said that growth in the China property market remains positive despite cooling measures implemented by the government to curb unstable property prices.They are also optimistic that property prices will correct in the midterm, giving more opportunities to investors.To prevent home...
Continue Reading • 20 May 2010
Singapore surpasses HK and US in global competitiveness ranking
For the first time in decades, the Singapore economy has surpassed Hong Kong and the United States in a global competitiveness ranking, according to IMD, a Swiss business school.The World Competitiveness Yearbook for this year released by IMD showed that the country's resilience in weathering the...
Continue Reading • 20 May 2010
MAS assures no Goldman Sachs situation in Singapore
The Monetary Authority of Singapore (MAS) has guaranteed there is no similar Goldman Sachs fraud situation in Singapore.MAS made the statement in response to concerns, particularly in Parliament by Nominated Member of Parliament Teo Siong Seng over its possible effect on the Singapore economy.Mr....
Continue Reading • 20 May 2010
Singapore ranks 11th overall for leading retailers
A survey of 294 of the world’s leading retailers showed that 39 percent of them are in Singapore, a smaller percentage than in Asian cities such as Shanghai, Tokyo, Beijing and Hong Kong.The study, conducted by estate firm CB Richard Ellis (CBRE), indicated that 40 percent of the retailers...
Continue Reading • 20 May 2010
Space snapped up for new office projects
The increasing trend in office rental deals continues, helping to take in more of the space in new office projects being developed.Most of the leasing buzz has focused on 50 Collyer Quay and Ocean Financial Centre (OFC), which will be completed in 2011, and 71 Robinson Road, which was finished in...
Continue Reading • 20 May 2010
US mortgage rates fall in latest week
US Interest rates for 30-year fixed-rate mortgages, the most commonly used mortgage, fell to 4.70 percent yesterday from 4.79 percent over the same period last week, according to property website Zillow.com.Interest rates of 30-year fixed mortgages increased to 4.82 percent early Friday before...
Continue Reading • 19 May 2010
Many Asian markets almost at their peak, says ADB
The Asian Development Bank has taken the unusual step to warn investors that many Asian bond and stock markets may be near their peaks after “massive” inflows of capital into Asia during the global financial crisis since 2008.Capital controls are among the policy options required to...
Continue Reading • 19 May 2010
Construction firms grab the spotlight
Construction firms were once struggling to qualify, but now they are prominently appearing on the top ten spots for this year’s SME Growth Excellence Recognition Awards.Compiled by HSBC Singapore and DP Information Group, five construction firms were among the top ten small- and...
Continue Reading • 19 May 2010
Twin Peaks project launching next month
Property developer Overseas Union Enterprise (OUE) will be launching the Twin Peaks project located at the site of The Grangeford next month.Units in the 99-year Twin Peaks project at Leonie Hill Road will be fully furnished and OUE will launch the project at “market rates”, said OUE...
Continue Reading • 19 May 2010
HDB receives $148.89m top bid for Yishun DBSS site
HDB received the highest bid of $148.89-million for a public residential site at the corner of Yishun Avenue 11 and Yishun Central through its Design Build and Sell Scheme (DBSS).The $148.89 million top bid, which reflected a unit price of $180 psf ppr and being sold on a 103-year leasehold, came...
Continue Reading • 19 May 2010
Ascendas optimistic on Asia, plans to expand
Ascendas, a business space provider in Singapore, has announced that it plans to expand in ten Asian countries over the next five years, said Chong Siak Ching, the company’s chief executive officer.The economic crisis is fading, and while growth is still unbalanced, the “imbalance...
Continue Reading • 19 May 2010
Call to launch office sites to avoid supply crunch
Time is ripe for the Singapore government to release additional sites for office development in the H2 2010 Confirmed List to prevent a potential supply crunch, according to some property consultants.While others think these new office sites must be launched in prime CBD areas like Marina Bay,...
Continue Reading • 19 May 2010
State land's reserve bid prices to remain undisclosed
National Development Minister Mah Bow Tan said that the reserve bid prices for the sale of state lands will remain undisclosed to allow the determination of the site’s fair market value."If we were to reveal the reserve price for sale sites, then it may influence or distort the...
Continue Reading • 19 May 2010
Parliament passes new en bloc rules
Changes to the Land Titles (Strata) Act were passed in Parliament, to provide more clarity to the collective sale process. However, some members of Parliament said that the rules may not fully consider the interest of home owners.The amendments, expected to take its effect in June, are intended...
Continue Reading • 19 May 2010
Singaporeans still keen in property investment according to survey
Despite the skyrocketing property prices in Singapore and the economic uncertainty in Europe, many Singaporeans are still interested to invest in the property market.A recent survey conducted by PropertyGuru, the largest online property site in Singapore, showed that seven out of ten potential...
Continue Reading • 19 May 2010
Home financing in Australia down in March
The escalating interest rates in Australia may have discouraged clients from applying for mortgages, as data released by the Australian Bureau of Statistics (ABS) indicated a drop in housing finance in March.Data from ABS showed that seasonally adjusted value of owner occupied housing commitments...
Continue Reading • 18 May 2010
ANZ's acquisition of RBS assets in Singapore completed
The Australia and New Zealand Banking Group (ANZ) has completed its acquisition of the commercial and retail business of the Royal Bank of Scotland (RBS) in Singapore. ANZ intends to boost its wealth management operations.The lender is also looking to increase its headcount in the country across...
Continue Reading • 18 May 2010